In light of the LTC ETF‘s debut on DTCC, Litecoin Whales accumulate 930K coins, pushing great optimism for the price.
Amid the most recent ETF development, Litecoin whales caused a massive buying spree on Saturday, rocking the cryptocurrency market to its foundation. Over the last two weeks, these whales amassed almost one million tokens, according to renowned cryptocurrency analyst Ali Martinez. Since the market has recently seen Canary Capital’s LTC ETF on the Depository Trust & Clearing Corporation (DTCC), investors view this as a bullish event.
Litecoin Whales Accumulate 930K Coins, Investors’ Optimism On The Rise
On February 22, Ali Martinez wrote on X that Litecoin whales had purchased 930,000 tokens in the previous two weeks. Significant market optimism for the cryptocurrency was echoed by this data, highlighting increased buying pressure despite the general market volatility.
Interestingly, crypto whales are big investors with much market trading experience. Their trading strategy to amass coins is positive news, highlighting market confidence in the token’s ability to rise in response to recent events.
Canary Capital ETFDebuts on DTCC
The token’s most recent ETF development has strengthened expectations for future approval. Canary’s LTC ETF debuted this week on the DTCC platform with the ticker LTCC. Because an exchange-traded product backed by the cryptocurrency might soon be available, this story has strengthened investor optimism.
Additionally, prominent ETF analyst Eric Balchunas predicted that in 2025, there would be a 90% chance of approval. Amid this bullish event, the Litecoin whale accumulations have further elevated the coin’s market sentiment, suggesting possible future gains.
Will the LTC Price Rise?
However, the price of LTC plummeted by more than 5% on Saturday, closing at $128.13, despite the massive buying. On the last day, the coin fell to $123.93 and rose to $139.86. The token’s weekly chart also showed a 3% decline. The leading cause of this declining activity is the volatility of the larger cryptocurrency market.
However, well-known cryptocurrency trader Carl Moon revealed on X that the token is headed for a price target of $143. Carl claims that LTC forms a bullish flag in shorter timeframes, indicating an impending uptrend. This bullish forecast is further supported by the substantial buying pressure that Litecoin whales are bringing.
